The National Flood Insurance Program will likely need to go to Congress for additional borrowing authority to pay claims from Superstorm Sandy, insurance industry officials say.
Eli Lehrer, president of the R Street Institute in Washington, says calculations by his group and others indicate that the Federal Emergency Management Agency, which runs the NFIP, has only $1 billion on hand to pay claims.
Steve Ellis, vice president of Taxpayers for Common Sense, made the same prediction. The comments were made during a conference call convened by SmarterSafer.org, a group representing a diverse group of people with interests in disaster mitigation and conservation.
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